Research On The Impact Of Digital Inclusive Finance On The Financial Asset Allocation Of Elderly Households

At present,digital inclusive finance in China is developing rapidly,and the degree of aging is also constantly deepening.The emergence of the "silver economy" has brought new opportunities for current economic development.The elderly population has gradually shifted from consuming general commodities to investing in risky financial products,and the demand for elderly households to allocate risky financial assets is constantly increasing.The development of digital inclusive finance has increased the breadth and depth of traditional financial services,which is beneficial for elderly households to allocate risky financial assets,increase their proportion of risky financial assets allocation,and thereby increase property income,allowing the elderly group to better enjoy the benefits brought by economic growth.This article provides a theoretical basis for the internal mechanism of the impact of digital inclusive finance on the financial asset allocation of elderly households in China by sorting out the relevant theoretical foundations of digital inclusive finance and household financial asset allocation;Using the Probit model and Tobit model,this paper empirically tests the moderating effect and heterogeneity of digital inclusive finance on the financial asset allocation of elderly households in China.Empirical analysis has found that,firstly,the benchmark regression results show that digital inclusive finance has a significant positive impact on the allocation of risky financial assets for elderly households in China.Secondly,from the analysis of financial attention and risk attitude moderating effect models,it is found that financial attention and risk preference strengthen the promoting effect of digital inclusive finance on the allocation of risky financial assets in elderly households.Thirdly,the results of heterogeneity regression show that compared to rural areas,digital inclusive finance is more effective in promoting the allocation of risky financial assets for urban elderly households in China;Digital inclusive finance is more conducive to the allocation of risky financial assets for elderly households in eastern China.The healthier the head of household,the greater the promoting effect of digital inclusive finance on the allocation of risky financial assets in their households.Fourthly,in the control variables,education level,female head of household,married or partner,physical health,having pension insurance,total household income,total household assets,and being located in urban areas can significantly promote the allocation of risky financial assets for elderly households in China.Based on research findings,elderly families should be encouraged to pay attention to financial information,learn financial knowledge,and allocate their financial assets more reasonably.Promote Financial innovation and enrich financial products suitable for the elderly.Accelerate the development of digital inclusive finance,improve broadband access rates,and enhance the digital literacy of elderly households.Narrow the differences between urban and rural areas and regions.Increase investment in healthcare and improve the health level of the elderly.